Corn futures are called 3 to 4 cents higher. Overnight trade at 6:30 am
CT was 3 1/2 to 3 3/4 cents higher. Outside markets were quiet overnight, leaving corn futures to find light support from technical buying after bouncing off of six-week lows on Tuesday. Dry conditions in Argentina is a concern for their soybean production, but also for corn. A corn shortage in China should help boost demand for U.S. and Argentine corn.

Soybean futures are called 7 to 8 cents higher. Overnight trade at 6:30 am CT was 7 3/4 to 8 1/4 cents higher. The market is expected to build lightly on the gains yesterday as outside markets are quiet and as fundamentals remain bullish. Export demand remains strong and there is increasing concern about dry conditions in Argentina. Trade volume is expected to be light ahead of Thanksgiving.

Wheat futures are called 5 to 7 cents higher. Overnight trade at 6:30 am CT was 5 1/4 to 6 1/4 cents higher at the CBOT, 7 1/4 cents higher at the KCBT and 5 to 5 1/2 cents higher the MGE. Spillover support from corn and soybeans and continued poor winter wheat condition ratings are expected to push wheat futures higher on the open. Strength in the dollar weighed on prices yesterday, but outside markets were fairly quiet overnight. Dry weather in parts of the western and central Plains are expected to hamper HRW wheat condition ratings while rain in the Midwest could help SRW.

Cattle futures are called steady to higher. Most 2011 contracts rallied to new highs on Tuesday and some follow-through strength is expected this morning in light volume trade. Limited cash trade has developed this week at $101, up about $3 from last week. Smaller showlists and some recent strength in beef prices encourage packers to raise bids, although choice cutouts were down 82 cents yesterday.

Lean hog futures are called higher on the open. Pork cutouts were up $1.28 on Tuesday and the national average cash prices was up over at $1. Packer margins are favorable and will benefit from firm pork prices. Only light trade volume is expected ahead of Thanksgiving.

Cotton futures are trading higher this morning. After several days of limit losses from record highs two weeks again, futures are bouncing this morning. Outside markets are quite and cotton fundamentals are bullish, helping ease the recent string of speculative selling losses. At 6:30 am CT December cotton was 193 points higher at 115.02 and March was 81 points higher at 112.60 cents.